Citigroup may sell $400 billion of non-core assets: report

SimonKennedy

LONDON (MarketWatch) -- Citigroup will consider selling around $400 billion of non-core assets as part of a plan to slash costs and reinvigorate profit growth, according to a report in the Financial Times citing people familiar with the situation. The newspaper said CEO Vikram Pandit is likely to tell an analyst meeting that around 20% of Citigroup's $2 trillion balance sheet consists of legacy positions, including entire businesses and trading positions outside its core focus of commercial, consumer and investment banking. Selling the assets will take years and some may never be sold, the report said. It added Pandit will use the meeting to confirm plans to cut Citigroup's $60 billion cost base by 20%, but will reject calls to break up the bank.

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